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But competition was set to restrain the ability of the manufacturing of those payment tariffs or higher Labor Compensation to pass that along. Some of the details we saw was like philly and cleveland. Richmond said there was strong volume at ports as there were a lot of imports to get ahead of some of the expected tariffs st. Louis and kansas city said farmers suffered because of depressed crop prices because of tariffs. Lets talk about the job situation, which is a completely different picture of the economy. Employment grew at a modest pace labor markets, however, set to be tight and there was a lot of difficulty filling open positions. Youve heard that before but they went on to say there were continued worker shortages across most sectors, especially construction, technology and health care. A staffing worker in the minneapolis district said its the toughest market they have ever seen. There were concerns about renewing an ....
Turning to the economy and sticker shock for would-be homebuyers. mortgage rates at the highest level in 22 years, hitting 7.23% for a 30-year fixed mortgage in the latest week. a year ago, that number was below 6%. part of the reason for the surge, the federal reserve s aggressive rate hiking to try to fight inflation. this week, federal reserve chair jerome powell said they are willing to raise rates even more. we are prepared to raise rates further if appropriate and intend to hold policy at a restrictive level until we are confident that inflation is moving sustainably down towards our objective. joining me is lawrence yoon, the chief economist for the national association of realtors. good morning. so you also say that mortgage rates could go even higher. what are you expecting? how high? ....
Creative ways to bring more supply. first, i m glad that home bullers are responding to the profit motives and building more homes. that s a good thing. but can we dedicate some of the infrastructure spending bill to dedicate for more affordable home building or moderately priced home building? many of the builders are shying away from that because the numbers don t make sense. another possibility is, can we provide tax incentive for mom and pop investors who may want to release one or two of their properties if it is sold to a first-time buyer. that would be a great incentive to bring something that congress should be discussing and hopefully wee we get a boost of inventory so access to the american dream is alive for many young americans. no, very interesting strategies. lawrence, i know you re not a financial adviser. but based on your experience as ....
the foreclosure forbearance means there s money out there, right? there are a lot of measures due to expire in the coming weeks so how could that affect the market? well, you know, we need to assure people are struggling. they get the rental subsidy. part of the stimulus bill is federal government has provided rental subsidy. i would say for the renters who are in a difficult situation, contact your local housing agency. work with the landlord. sometimes the housing agency allows the housing provider, people who are providing the home to contact the housing agency to get those rental subsidies because money is out there being under utilized. lawrence yoon, we appreciate your expertise. thank you for taking time with us this morning. thank you. still ahead, mid-air ....